"and grab the eye better than text" - Really? Most testing (even the stuff I've done) shows that users quickly become blind to flashing banners but look for text links as these have a high value. Our brains are very good at filtering stuff out.
Of course it's only usability people who know this stuff. Marketing people and Big Bosses don't listen to them prefering to see flashy, shiny things on a page. After all, it's obvious isn't it?*
*In the same way it was once obvious that a 50% drop-out rate in an application form at a simple question was bad but marketing prefered to look at new whizzy pictures for an earlier part of the process. Grrr.